Scandinavian Working Papers in Economics

Discussion Papers,
Norwegian School of Economics, Department of Business and Management Science

No 2011/19: Prospect Theory around the World

Marc Oliver Rieger (), Mei Wang () and Thorsten Hens ()
Additional contact information
Marc Oliver Rieger: Dept. IV, Business Administration, University of Trier, Postal: University of Trier, University Department IV, Universit├Ątsring 15, 54286 Trier, Germany
Mei Wang: WHU - Otto Beisheim School of Management, Postal: WHU, Otto Beisheim School of Management , Burgplatz 2, 56179 Vallendar, Germany
Thorsten Hens: Department of Banking and Finance, University of Zurich, Postal: University of Zurich, Department of Banking and Finance, Plattenstrasse 32, CH-8032 Z├╝rich, Switzerland

Abstract: We present results from the first large-scale international survey on risk preferences, conducted in 45 countries. We show substantial cross-country differences in risk aversion, loss aversion and probability weighting. Moreover, risk attitudes in our sample depend not only on economic conditions, but also on cultural factors, as measured by the Hofstede dimensions Individuality and Uncertainty Avoidance. The presented data might also serve as an interesting starting point for further research in cultural economics.

Keywords: Risk preferences; prospect theory; cross-cultural comparison

JEL-codes: D90; F40

36 pages, October 31, 2011

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